-- The days of Suning Holdings Co. Ltd. at the helm of FC Internazionale Milano SpA look numbered as its deadline draws near to either repay debt due to Oaktree Capital Management or risk ceding control.Singapore Monitoring New Covid Wave as Infections Rise
Another potential alternative is a short-term extension of the loan at a higher interest rate, which would give Suning more time to sell the club and use the proceeds to repay California-based Oaktree. In the case of the money loaned to Suning’s Grand Tower Sarl, the 12% coupon came with a payment-in-kind option, meaning it could be repaid with cash or with additional debt. The latter option was picked for three years, the whole duration of the financing. Oaktree granted the money through its own Luxembourg-based entity, OCM Luxembourg Sunshine Sarl.
Inter Milan’s owner on Saturday slammed Oaktree in a sharply-worded statement on the club’s website. Steven Zhang said its creditor had lacked “meaningful engagement,” and claimed its behavior posed “potential risks to the club that could seriously jeopardize its stability.” Oaktree declined to comment.
That includes €415 million in high yield bonds the club sold to institutional investors, which come due in early 2027. Those notes are issued out of Inter Media and Communication SpA, a special purpose vehicle housing the broadcast and sponsorship rights of Inter Milan. The steady cash flow from those revenues first repays the obligations toward the bondholders, before trickling through to the rest of the group.
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